WTI flirting with highs above $49.00, API on sight

Crude oil prices remain on a firm note today, now pushing the barrel of WTI to fresh tops above the $49.00 mark.

WTI in 4-week peaks, eyes $50.00

Prices for the barrel of the black gold are extending the upside for the fifth consecutive session so far, advancing beyond the critical $49.00 mark and gearing up for a potential visit of the psychological handle at $50.00 the figure.

In the meantime, the activity around US oil refineries continues to recover following the pass of the Hurricane Harvey, while the tropical storm Irma has already caught the attention of traders.

Ahead in the session, the API weekly report on US crude oil supplies is next on tap followed by tomorrow’s EIA report and Friday’s oil rig count by driller Baker Hughes.

WTI significant levels

At the moment the barrel of WTI is up 1.03% at $49.16 facing the next resistance at $49.65 (200-day sma) seconded by $50.22 (high Aug.10) and finally $50.43 (low Aug.1). On the other hand, a breach of $48.45 (23.6% Fibo of the June-August up move) would aim for $47.69 (21-day sma) and then $47.36 (10-day sma).